A portrait of a young woman smiling.
Olivia Rhye
April 6, 2022
Date: Sunday April 17th, 2022 | Time: 5PM UK Time | 12 PM ET| 10 AM MT | 9 AM PT  All about crypto, what is halal and what is not. How to avoid what is impermissible. How to pay Zakat and how to purify. What about staked coins?
Pictured Above: Mufti Faraz Adam

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Date: Sunday April 17th, 2022 | Time: 5PM UK Time | 12 PM ET| 10 AM MT |9 AM PT 

Interest in cryptocurrencies gained global attention in the last year when the world’s first cryptocurrency – Bitcoin surged to 60,000 USD per coin! Seeing this, Muslims are naturally wondering if there is untapped business opportunity in this space. In this webinar, we will be joined by one of the world’s leading Muslim scholars who specializes in finance & technology, known as Fintech, to shed light on this often-misunderstood area.

Some of the topics we will talk about are:  

  • What are cryptocurrencies? 
  • Can they be compared to paper (fiat) currencies like the Canadian dollar, British pound, or other global currencies? Why or why not? 
  • The concept of “tokens” comes up when discussing cryptocurrencies. How is this different from the currency itself? Why do we call them “coins”?  
  • Can I own and trade crypto assets? 
  • Can I engage in mining these “coins”? 
  • What determines the halalness or haramness of a coin? 
  • I have heard that shorting stocks is not allowed because it is borrowing a stock from a brokerage and selling it without actually owning it. However, when shorting cryptos, there is no borrowing happening with either the exchange or anyone else but an individual uses his/her own money to short the stock. Is this true? 
  • NFTs are oftentimes talked about, do these assets follow the exact principle we discussed about cryptocurrencies above? 
  • When it comes to Zakat, how do I pay Zakat on these assets and is there purification that I need to do? 

About the host: 

Mufti Faraz Adam is a well known UK-based Islamic Finance & Fintech consultant and heads the global Shariah advisory firm Amanah Advisors. He is advising several global Islamic financial institutions spread across the UK, US, Canada, Malaysia, Singapore, UAE and other countries. He is passionate about the development of the Islamic economy and serves across its various sectors such as Islamic banking, Islamic capital markets, Takaful, SME financing and Islamic social finance

A portrait of a young woman smiling.
Olivia Rhye
11 Jan 2022
5 min read